45 CFR 1628.2 – Definitions
(a) Excess fund balance means a recipient’s LSC fund balance that exceeds the amount a recipient is permitted to retain under this part.
Terms Used In 45 CFR 1628.2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) LSC support means the sum of:
(1) The amount of financial assistance awarded by the Corporation to the recipient for the fiscal year included in the recipient’s annual audited financial statement, not including one-time and special purpose grants; and
(2) Any LSC derivative income, as defined in § 1630.2(c), earned by the recipient for the fiscal year included in the recipient’s annual audited financial statement, not including derivative income from one-time and special purpose grants.
(c) The LSC fund balance is the excess of LSC support plus the prior year carryover amount over expenditures of LSC funds (including capital acquisitions), as each is reported in the recipient’s annual financial statements.
(d) The fund balance percentage is the amount of the LSC fund balance expressed as a percentage of the recipient’s LSC support.
(e) Recipient, as used in this part, means any grantee or contractor receiving financial assistance from the Corporation under section 1006(a)(1)(A) of the LSC Act.